Illinois Tool Works (NYSE:ITW) Price Target Raised to $350.00

Illinois Tool Works (NYSE:ITW) had its price target upped by JPMorgan Chase & Co. from $310.00 to $350.00 in a research note issued to investors on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the industrial products company’s stock.

Other research analysts also recently issued research reports about the stock. Truist Financial upped their target price on shares of Illinois Tool Works from $280.00 to $301.00 and gave the stock a “hold” rating in a research note on Thursday, July 2nd. Weiss Ratings cut shares of Illinois Tool Works from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Citigroup restated a “neutral” rating on shares of Illinois Tool Works in a research report on Monday, July 13th. Barclays dropped their target price on shares of Illinois Tool Works from $275.00 to $250.00 and set an “underweight” rating on the stock in a report on Wednesday, April 1st. Finally, UBS Group reaffirmed a “neutral” rating and issued a $300.00 price objective on shares of Illinois Tool Works in a report on Wednesday. One analyst has rated the stock with a Buy rating, seven have given a Hold rating and five have given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Reduce” and a consensus price target of $281.25.

Illinois Tool Works Stock Performance

Shares of ITW stock opened at $287.51 on Wednesday. The company has a current ratio of 1.11, a quick ratio of 0.86 and a debt-to-equity ratio of 2.26. The company’s fifty day moving average price is $266.31 and its 200-day moving average price is $268.26. The stock has a market cap of $82.72 billion, a PE ratio of 26.07, a price-to-earnings-growth ratio of 4.83 and a beta of 1.00. Illinois Tool Works has a 12 month low of $238.82 and a 12 month high of $303.15.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Tuesday, July 28th. The industrial products company reported $2.84 earnings per share for the quarter, beating analysts’ consensus estimates of $2.80 by $0.04. Illinois Tool Works had a net margin of 19.39% and a return on equity of 101.72%. The business had revenue of $4.30 billion during the quarter, compared to the consensus estimate of $4.19 billion. During the same quarter last year, the firm earned $2.58 earnings per share. The business’s revenue for the quarter was up 6.1% on a year-over-year basis. Illinois Tool Works has set its FY 2026 guidance at 11.350-11.550 EPS. On average, equities analysts expect that Illinois Tool Works will post 11.47 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Tuesday, June 30th were given a dividend of $1.61 per share. This represents a $6.44 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Tuesday, June 30th. Illinois Tool Works’s payout ratio is presently 58.39%.

Insider Buying and Selling

In other news, Director Jennifer F. Scanlon bought 806 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The shares were bought at an average price of $247.99 per share, for a total transaction of $199,879.94. Following the purchase, the director owned 1,652 shares in the company, valued at $409,679.48. This represents a 95.27% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Insiders own 0.83% of the company’s stock.

Institutional Investors Weigh In On Illinois Tool Works

A number of institutional investors have recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in shares of Illinois Tool Works in the fourth quarter worth about $808,351,000. Auto Owners Insurance Co raised its stake in Illinois Tool Works by 24,530.0% during the fourth quarter. Auto Owners Insurance Co now owns 628,065 shares of the industrial products company’s stock valued at $15,469,000 after purchasing an additional 625,515 shares in the last quarter. Renaissance Technologies LLC lifted its position in Illinois Tool Works by 442.5% during the first quarter. Renaissance Technologies LLC now owns 659,840 shares of the industrial products company’s stock valued at $171,750,000 after purchasing an additional 538,200 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its position in shares of Illinois Tool Works by 1,517.9% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 390,022 shares of the industrial products company’s stock valued at $96,062,000 after buying an additional 365,915 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Illinois Tool Works by 11.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 3,311,357 shares of the industrial products company’s stock valued at $815,587,000 after acquiring an additional 353,056 shares during the last quarter. 79.77% of the stock is owned by hedge funds and other institutional investors.

About Illinois Tool Works

Illinois Tool Works Inc (ITW) is a diversified industrial manufacturer that designs and produces a broad array of engineered products, consumables and related service solutions for industrial customers. Its offerings span engineered fastening systems, specialty components, industrial equipment, welding products, foodservice and packaging equipment, adhesives and polymer products, and test-and-measurement technologies. These products are used as critical inputs by customers across automotive, construction, electronics, foodservice, maintenance and other industrial end markets.

The company operates a decentralized business model in which independently managed businesses focus on niche product lines and close customer relationships.